Gold is on the move. As stocks are selling off big time, the gold market is the big beneficiary with a significant inflow of capital.
Is that any coincidence? No, it is not, because the gold market was deeply oversold. Next to that, and perhaps more importantly, sentiment hit rock bottom levels. When everybody and his uncle believes that stocks have only one way to go, i.e. up, the opposite usually happens. The same accounts to the precious metals market.
How high can gold go? Which gold price forecasts are realistic?
Analyst Rob Tovell identifies several gold prices forecasts in this 7-minute video. He has +3 decades of experience in analyzing markets, and follows the gold market very closely.
His take on things is that the $1106 to $1110 area is the most crucial area for the gold price. The gold market will retrace after the powerful move of the last three weeks; expect investors and traders to take profits soon. The point where the retracement will stop is crucial in determining the gold price in 6 months.
Tovell’s first target is the $1226 area, the second target is $1271, and the third target is $1345. The fourth, and most bullish, gold price target will be dependent on the retracement, which is where the crucial price point of $1110 comes into play.
Check this short video for Tovell’s gold price forecasts.
Did the gold bear market end?
That is a question that is top of mind of gold investors. Rob Tovell provides insights into this important question. He believes this time could be different, and explains what investors should watch? Check the video between 5:15 and 6:55 for the answers.